Re: Collecting payments from others then remitting to one vendor

[Mike or Penny Novack]

On 1/12/2018 8:48 PM, Christopher Lam wrote:

You could do liability accounts for each utility bill but I like the
concept of 'kitty funds' which gives you/them a real-time view of monies
owed by whom.

I would make the choice (asset accounts or liability accounts) depending 
on whether they usually paid you their share in advance or usually 
reimbursed you afterwards. Then on rare times when the other way around, 
the transactions "contra". But if the arrangement is new you won't have 
that history.


Note that even if you started one way, you can easily enough change this 
around later if their behavior changes.


Michael D Novack
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Re: Collecting payments from others then remitting to one vendor

[Christopher Lam]

You could do liability accounts for each utility bill but I like the
concept of 'kitty funds' which gives you/them a real-time view of monies
owed by whom.


*You pay the full $30 bill from your bank, but only $10 is your share*
Asset:Bank -$30
Expense:Utilities $10
Asset:Alice $10
Asset:Bob $10


*The $10 are your assets because you are owed $10 from each, and they can
discharge their debt anytime*
Asset:Alice -$10
Asset:Bank $10
Her balance is now $0


*Another day you buy $30 groceries but Bob asks you to buy $10 item on her
behalf*
Expense:Groceries $30
Asset:Bob $10
Asset:Bank -$40
Bob's balance is now $20. (He owes you)

On 13 January 2018 at 11:15, gn00b  wrote:

> So my roommates and I split utilities cost and every month they remit to me
> the required amount and I then remit all of those smaller payments to our
> utilities company. What's the best way to set up the accounts/transactions
> so I only have an expense of what I owe.
>
> Example:
>
> Utilities bill is $30
>
> Roommate A: $10
> Roommate B: $10
> Me: $10
>
> I collect $10 from A and B and remit $30 to the utilities company.
>
>
>
> --
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Re: Collecting payments from others then remitting to one vendor

[Maf. King]

On Saturday, 13 January 2018 00:15:07 GMT gn00b wrote:
> So my roommates and I split utilities cost and every month they remit to me
> the required amount and I then remit all of those smaller payments to our
> utilities company. What's the best way to set up the accounts/transactions
> so I only have an expense of what I owe.
> 
> Example:
> 
> Utilities bill is $30
> 
> Roommate A: $10
> Roommate B: $10
> Me: $10
> 
> I collect $10 from A and B and remit $30 to the utilities company.
> 
>

Hi, 

I'd imagine that setting up your roommates as liability accounts might work.  
Consider that you don't "own" the money they've contributed - you're just 
looking after it in your current account until it either goes to pay the bill 
or, if the bill were ever to be cancelled, you'd owe the money back to your 
buddies.

then, when you pay the bill, you end up with a multi split transaction, 
reducing your bank account (the total bill), the roommate liability accounts 
(by their contributions), but increasing expense:utility by your share.

HTH,
Maf.


w  

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